For real estate agents, the housing crisis and economic downturn that started seven years ago was not unlike a slow moving natural disaster — something agents had to ride out in order for their businesses to survive. But today, the economic signs are there. The ashes are clearing and the sun is coming out. It’s a new day for the residential real estate market in 2015.
PriceWaterhouseCoopers says, “Housing seems to be putting the excesses of the bubble and the ensuing collapse behind it….as this major segment of the economy returns to textbook fundamentals, confidence in the residential sector should continue to rise.”
It’s a pattern that is building on a year of holding steady. The median sales prices for single family homes in 2014 was an estimated $217,300. According to the National Association of Realtors, that was up 4.9% from 2013, when the median sales price was $197,400.
Of course, buyers are really borrowers most of the time, so financing plays a pivotal role in the real estate market. Banks and lenders have to sense the strengthening market and make mortgages attainable and attractive. And that is what will encourage first time home buyers to venture out of the rental market and start house hunting. According to CNN Money, mortgage companies have put “new lending guidelines in place and started offering 3% down payment mortgages that will make it easier for more first-time buyers to qualify for a mortgage.”
How real estate agents can take advantage of the housing comeback
It’s fine for analysts to be cautiously optimistic. But for real estate agents, this isn’t a time for caution. It’s a time for action — bold, strategic action.
70% of prospects will hire the very first agent they speak to. So how do you position yourself to be that first agent? Simple: you have to be top of mind. You need brand awareness.
Think Coca-Cola. Think Ford. You know their brands because of advertising. But this isn’t about big ad buys and huge expenditures. It’s about being a local business and helping your customers recognize your brand.
To do that, put your ads where your prospects are most likely to see them: on the web sites they visit everyday with localized, targeted online marketing. But it doesn’t have to be complicated. It should be simple, affordable and effective.
Interested in learning more? AdWerx CEO, Jed Carlson, and top producing real estate agent, Mark Slade, will share secrets on how to take advantage of this unique selling season on Tuesday, April 21, from 2-3 PM ET. Register below.